Any thoughts on this? Not sure what to do.

mrjam

Hi All

Posted a few days back, here's a brief insight.

Went to the cash machine a few days after being paid to find my account drained to almost £1600 (my wage essentially). Contacted nationwide who told me fraud team were looking into it, and to allow 5 working days. Transactions went to a known "scam" company namely B Electronics (belectronics.co.uk) who's website is now down. Under PSD regulations brought into effect on 1st November 2009, the bank is required to IMMEDIATELY refund fraudulent transactions whilst they investigate, however nationwide completely ignore this fact and have most recently contacted me stating they have written to the company in question (B Electronics) and asked for information on the transactions which will take 28 days (seriously this beggers believe, a simple google search and you can see they are not a company, so basically theyre gonna get no response and it just drags it out by a further 28 days), essentially they are telling me it may be 33 days to get my money back, when FSA regulations clearly state this should be immediate.

Following hitting a brick wall, i contacted a local solicitor and went in to see him yesterday, he basically in no uncertain terms told me to go to MoneyClaim.gov.uk and start court action against Nationwide. He said to prepare the papers for the full amount, under particulars of claim to state how they are not obiding by the PSD regulations and refuse to refund the transactions, and to write to nationwide telling them that you have prepared court papers and are ready to submit them should they not refund the money.

Now, i don't really feel very comfortable challenging a bank in court and am pretty worried that i'm going to get stung here. The solicitor did say he could handle it all for me, but what cost he wanted made the actual claim pretty pointless. What do you reckon? I'm tempted to just because Nationwide will not budge at all and i need my money, but there again £70 fee for court papers is money i'd have to borrow and even then it would be drawn out i imagine. Do you think the threat alone of the court papers would do the trick or not bother them?

Thanks
Jam

alanq

mrjam wrote: »

Posted a few days back, ...

Then why not add to the existing thread?
https://forums.moneysavingexpert.com/discussion/4049201

mrjam

alanq wrote: »

Then why not add to the existing thread?
https://forums.moneysavingexpert.com/discussion/4049201

Because i didnt think people would want to go through 24 posts just to get to the update. That's why. Furthermore, if you havent got anything worthwhile or constructive to input, why not move on to another post and not comment?

meer53

mrjam wrote: »

Because i didnt think people would want to go through 24 posts just to get to the update. That's why. Furthermore, if you havent got anything worthwhile or constructive to input, why not move on to another post and not comment?

Thats very harsh. Alanq was just letting you know that thats what most people would have done.

If people have read your original post then they will see that an update has been added and read that. Adding a second post about the same issue just means that people have to jump between 2 posts to follow your story. They obviously don't need to read all the thread to get to the update.

I think the solicitor is after your money. Leave it to Nationwide to sort out. If the transactions are fraud you will be refunded in full, if you're struggling now, ask them to apply a fee free overdraft to tide you over. Yes, they're not being very helpful but you're in their hands unfortunately. The threat of court papers at this stage will make them laugh.

mrjam

meer53 wrote: »

Thats very harsh. Alanq was just letting you know that thats what most people would have done.

If people have read your original post then they will see that an update has been added and read that. Adding a second post about the same issue just means that people have to jump between 2 posts to follow your story. They obviously don't need to read all the thread to get to the update.

I think the solicitor is after your money. Leave it to Nationwide to sort out. If the transactions are fraud you will be refunded in full, if you're struggling now, ask them to apply a fee free overdraft to tide you over. Yes, they're not being very helpful but you're in their hands unfortunately.

Oh dear, that's hardly "Harsh". I'm more than entitled to my opinion as is Alanq. It seems that on this forum there are various people who arent here to help but just to pick fault with topics posted, i gave an overview of the circumstances so no need to update original post. Hardly worth the questioning of "Why didnt you update the original post?" - Does it matter?

Regarding a fee free overdraft, i did ask for this and they declined. I'm sure court papers would make them laugh, the banks laugh at all of us whilst they continually take the proverbial.

alanq

mrjam wrote: »

It seems that on this forum there are various people who arent here to help but just to pick fault with topics posted,

Posts: 1,690 Thanked 979 Times in 664 Posts?

mrjam

alanq wrote: »

Posts: 1,690 Thanked 979 Times in 664 Posts?

Wait a moment whilst i grab my box of medals. How would you like it engraving, just Alan or Alanq?

dr_adidas01

I'm with everyone else on this one, it should have been added to your original Nationwide complaint thread as that's what everyone else does myself included.

I agree with Alanq threatening them with court action this early one will indeed make them laugh at you. While I appreciate the fact that at the moment you feel Nationwide aren't being helpful they are however going through the procedure of identifying if your transactions are fraudulent or genuine transactions made by you.

This does take time and cannot be done in a matter of hours, 28 days is a bit excessive I agree, however from experience they will usually have it sorted within 7 to 10 days.

I can't help wondering if when you are speaking to Nationwide customer services, you are talking to them in an angry manner and possibly being a bit abrupt with them. I have always found them to be very helpful, even more so when you speak to them in a calm and professional matter, they usually go out of there way to help you.

It wouldn't surprise me if after they have dealt with your issue they decide to terminate your banking relationship with them and ask you to find another financial institution to bank with.

Sometimes it better to be patient than to be like a bull in a china shop.

mrjam

dr_adidas01 wrote: »

I'm with everyone else on this one, it should have been added to your original Nationwide complaint thread as that's what everyone else does myself included.

I agree with Alanq threatening them with court action this early one will indeed make them laugh at you. While I appreciate the fact that at the moment you feel Nationwide aren't being helpful they are however going through the procedure of identifying if your transactions are fraudulent or genuine transactions made by you.

This does take time and cannot be done in a matter of hours, 28 days is a bit excessive I agree, however from experience they will usually have it sorted within 7 to 10 days.

I can't help wondering if when you are speaking to Nationwide customer services, you are talking to them in an angry manner and possibly being a bit abrupt with them. I have always found them to be very helpful, even more so when you speak to them in a calm and professional matter, they usually go out of there way to help you.

It wouldn't surprise me if after they have dealt with your issue they decide to terminate your banking relationship with them and ask you to find another financial institution to bank with.

Sometimes it better to be patient than to be like a bull in a china shop.

An awful lot of assumptions there. I've been absolutely calm with them, i havent been abrupt, i infact said the last lady i spoke to that i understand it isnt her fault, but someone should be doing something to ensure that the banking regulations are being abided by. What makes me laugh is everyone on here goes on about how the banks rip everyone off, work outside the law, etc etc and moan about it, then when a post such as this is written you all start saying how they are reasonable, understanding, and it's the victim (i.e me) who's in some way causing this situation. The LAW says they HAVE to refund immediately, who is upholding and ensuring that law is being stuck to? No-one, and that's the point, the banks in this country are a joke and the sooner people start standing up to them the better. My account has been completely cleared out by a known scam company online, with transactions from £500, right down to £2 until the account was empty in the space of 1 hour, the first question i wanted answering is why the hell this didnt spring up some kind of alert on their system and block my card, this went unanswered essentially, now tell me, how does that NOT look like fraud, how does it take 5 days to initially investigate it, and why would Nationwide decide it's a good idea to WRITE to a "company" (a.k.a - ukraine based scammers) that has done this, and give them 28 days to respond, knowing full well this company isnt going to bother responding. It's all a scam, and as far as them terminating my banking, they'd only be saving me the time and effort of doing it myself.

I would also like to add that as far as them "going through the procedure" of determining whether these transactions are fraud or made by me, the PROCEDURE, sorry, the LAW states that they HAVE to refund IMMEDIATELY and cannot refuse a refund whilst the investigation takes place, so no, they arent following procedure, they're doing what the bloody hell they like as per usual and meanwhile it's me left in the crap.

alanq

dr_adidas01 wrote: »

I agree with Alanq threatening them with court action this early one will indeed make them laugh at you.

I believe that you are referring to the post by meer53 not me.

mrjam

alanq wrote: »

I believe that you are referring to the post by meer53 not me.

Thanks Alan for that useful post, i've added to your "Thanked" score. I know how much that means to you. :T